Thank you for checking out The McCarty Team Blog for your up to date information regarding the Housing Market conditions for Oakland County Michigan. There are several interesting facts from the data gathered that you’ll find helpful whether you’re looking to sell your home or buy a home.
We first start off with active listings, also called the current housing inventory. There are 5,454 current listings (houses, condos, vacant lands, etc.) for sale in Oakland County. This is up 10.5% from last year when there were 4,934 listings in November.
Second is sold listings, how many listings actually closed in November 2018. Last month there were 1,782 listings that closed, which is down 10.5% from this time last year (at 1,990). For new listings, we saw 2,526 new listings hit the housing market last month. Up 9.2% from last year.
A fourth and very important piece of data is Median Sales Price. This gives us some input on where prices are and potentially heading. We had yet another month in which the Median Sales Price outperformed year over year (was up .2%). It’ll be interesting to see this data point for December as we close 2018.
The last few stats to go through real quick is List to Sold Price ratio, which November had a ratio of 98.6% a slight bump from November 2017. The Average Days on Market has risen from 45 last year to 49 this year. Lastly, the number of Pending Sales (or Total Under Contract) declined 4.1% year over year at 1,695 pending.
If you’re thinking about buying a home, interest rates are still stable around high 4% to low 5% and the fact that more homes are hitting the market gives you more options to chose from. For home sellers, we see that there have been many disgruntled buyers from this past summer that are motivated to buy a home with these low interest rates. Not to mention the Median Sales Price is still very favorable. Yes, you may be sitting a bit longer on the market due to the competition, but that’s why staging your home, pricing it correctly, and capturing your home in HD wide-angle pictures is so crucial.
Whether you’re buying or selling, we here at The McCarty Team have the tools and professional experience to help you accomplish your real estate dream! We save buyers and sellers from the complexity and chaos common with real estate.
Dan & Patti